Credit unions consist of regular people seeking to gain a better understanding of money management. The aim is to encourage members to regularly save money. Lending money is a perilous activity when dealing with low income families so those seeking to borrow money will need to prove affordability.

How to Join a Credit Union

It is only possible to join a credit union where a common bond exists with other members. Typical examples include belonging to the same trade union, living or working in the same area and working for the same employer. Credit unions are non-profit organisations that offer financial services purely for the benefit of its members. There are no shareholders.

What Do Credit Unions Offer Members?

  • Personal loans and savings accounts;
  • Loan protection insurance;
  • Individual Savings Accounts (ISA's);
  • Mortgages;
  • Funeral plans;
  • Debt management

Only personal loans and savings accounts will always be available. Many of the other services will only be available at the bigger credit unions.